Angra 3 - economic and financial evaluation of the enterprise

This paper presents an updated economic-financial evaluation of Angra 3 Nuclear Power Plant project and estimates the lowest power tariff value at which power potentially made available may be commercialized and yet ensures the project a profitability level agreeable to the interests of economic agents and shareholders. According to the project evaluation practice, Angra 3 power generation was considered separately from ELETRONUCLEAR operating plants (Angra 1 and Angra 2), thus preventing result distortions bound to occur if the economic-financial variables of the new project were analyzed associated with financial commitments and commercialization conditions resulting from the project implementation process and the generated power commercialization conditions, respectively. For this evaluation different technical and economic scenarios were devised, and the theory of Capital Asset Pricing Model (CAPM) for Own Capital cost and that of Weighted Average Cost of Capital (WACC) were used in addition to the forecast of the Statement of Results and Free Cash flow of Shareholders throughout the power plant life, which is the estimate basis for the lowest power tariff value and the Internal Return Rate (IRR) of the project. (author)